Turning Data Into Profitable Insight

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To collect the right data, you must ask the right questions. When you ask the right questions, you will get the right data.

‘To best leverage analytics, first assess your organization’s analytics maturity.’

Effective influencing can help accelerate the execution of any initiative.’

Prioritization is a necessary process, which, when done democratically can foster innovation while keeping the organization focused on the big rocks.’

‘Data doesn’t speak; it responds.’

Coordination across groups can save on redundancy and create a harmonious organization in which teams build on each other’s success.’

‘If you are a business leader, define your measures of success, uncover drivers of those success metrics, and orient your entire team toward them.’

‘Don’t expect data to reveal insights; instead, ask the right questions to uncover the insights.’

‘If you are a business manager, ask the right questions of data and learn to do simple analytics.’

‘If you are an analytics leader, lay out an analytics agenda aligned to the success metrics and make data access easy across the organization.’

Cultivate and motivate your team; inspired team members will go beyond their mandate to deliver.’

‘Think big– what metric can you move with the resources you currently have?’

Make decisions based on data; you will consistently drive results if you do.’

Source

Piyanka Jain and Puneet Sharma (2015). Behind Every Good Decision: How Anyone Can Use Business Analytics to Turn Data into Profitable Insight

10 Rules To Build A Great Business

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Nothing happens by accident. If you want to move from where you are to where you want to be, you must be willing to do the work.

You must be willing to ‘play by the rules.’ According to Jenny Stilwell, ‘Find someone to build your business with from the start- doing it on your own is hard and lonely.’

‘Know that you can achieve far more with the right people than on your own.’

‘Don’t force yourself to be who you’re not. Bring complementary skills into your team.’

Have a goal and understand the levers in your business. You have to hold yourself accountable to deliver on those things.’

You have to understand how the pieces come together to create a whole business- it has to resonate with your customers.’

Stay true to your values and work incredibly hard. It won’t happen without hard work.’

‘Don’t rush. Understand what you are doing and why.’

‘It’s all about the people. The right people aligned around your company’s culture, with the right attitude, will make the company successful.’

Know what you want and how far you want to scale.’

‘As a leader, humility is key as it helps you manage people better: a willingness to listen and respond accordingly is important.’

Build relationships. People do business with people.’

Source

Jenny Stilwell (2023). The 7% Club: How to be one of the 7% of businesses that make it beyond $2M in turnover